New Delhi, Apr 30 (UNI) Global real estate broking company RE/MAX India on Monday announced its strategic tie-up with Escrowffer.com to unveil a first of its kind service in India for retail secondary/ resale property transactions, a statement said here.

Escrowffer is powered by private sector bank ICICI Bank. While primarily this is aimed to be a buyer protection initiative which enables them to protect their advance deposit and transact worry free, it is equally beneficial for sellers and brokers.

Buyers will be charged a flat one time set up fee of Rs 5,000/- + GST. However, for sellers and brokers this will be offered free of charge.

Commenting on this RE/MAX India COO Yatin Sharma said, “One of the key requirements in real estate transaction market today is that of secondary properties. The secondary/resale property transactions market is valued at $15 bn and has usually witnessed a huge trust deficit due to property related litigations. This offering will bring about a much-needed transparency in the ecosystem and will go a long way in bridging the prevalent trust deficit.

He further added, “Our association with Escrowffer will enable complete security for buyers & sellers who are transacting in secondary / resale property deals. We aim to cover Gross Transaction Value worth INR 2500 Cr by FY2018-19 under this association.”

Escrowffer Founder & CEO Ashwin Chawwla said “Property buying or selling is the biggest transaction an individual makes during his lifetime and this escrow offering will go a long way in bridging the trust deficit in the ecosystem. We are poised for exciting times in the Indian real estate market and the adoption of various innovative global best practices such as escrow will make it more secure and convenient for users to transact in a worry free manner.”

Thane, Mar 21 (UNI) Sanjay Vadhavkar, a prominent trade union leader hailing from this district,has been unanimously re-elected as the All India General Secretary of the Steel, Metal and Engineering Workers Federation of India (SMEFI).